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NATGAS: Surge in Idle LNG Volumes offers Safety Valve for Supply

NATGAS
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The amount of LNG idling at sea has jumped, signaling Europe and other key consumers have more than enough supplies for now, Bloomberg said.

  • The volume of LNG on the water for over 30 days reached 2.2m mt this weekend, significantly above the seasonal average.
  • The increase coincides with high underground storage in Europe and poor industrial demand.
  • This pile-up of LNG on sea offers a ‘safety valve’ for September and October gas contracts, according to Energy Aspects.
  • While idle LNG volumes can help cap further price rises, traders remain on alter amid falling flows from Norway due to maintenance, Bloomberg said.

 

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The amount of LNG idling at sea has jumped, signaling Europe and other key consumers have more than enough supplies for now, Bloomberg said.

  • The volume of LNG on the water for over 30 days reached 2.2m mt this weekend, significantly above the seasonal average.
  • The increase coincides with high underground storage in Europe and poor industrial demand.
  • This pile-up of LNG on sea offers a ‘safety valve’ for September and October gas contracts, according to Energy Aspects.
  • While idle LNG volumes can help cap further price rises, traders remain on alter amid falling flows from Norway due to maintenance, Bloomberg said.

 

Keep reading...Show less